The capacity within renewable energy is expected to increase by 270 percent by 2030 and cover almost half of the world’s need for electricity, it is stated in a report from the IEA Wednesday.
Several countries’ climate and energy security policies have led to prices for renewable energy sources out-competing fossil energy sources. This has led to increased demand from both the private sector and households, while business policy has led to the construction of more solar panels and wind turbines.
The IEA points to developments in China in particular as crucial for growth. By 2030, the agency expects that 60 percent of renewable growth will occur in China, while the largest growth among the major economies is in India.
The agency estimates that there will also be a large increase in wind power. The development is expected to double in speed between 2024 and 2030, compared to the period from 2017 to 2023.
– Renewable energy sources are developing faster than what national governments can set targets for, says IEA chief Fatih Birol.
– This is not only driven by efforts to cut emissions or strengthen energy security, it is increasingly because renewable energy is today the cheapest option for new power plants in almost all countries around the world, he continues.
According to the IEA, the goal from the climate summit in Dubai can be reached if the international community works to lower the high financing costs for new projects in developing countries.
This is now a brake in regions with great potential, among them Africa and Southeast Asia, according to the agency.
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